Data Analysis, Storage & Management Market in Life Sciences is projected
to reach USD 41.1 billion by 2024 from USD 18.7 billion in 2019, at a
CAGR of 17.1%.

Growth in this market is mainly driven by increasing demand for data
storage, analysis and data management solutions, rising use of cloud
solution due to enterprise mobility, and technological advancements.
Huge amount of data generated in the growing personalized and precision
medicine activities is expected to provide opportunities for the growth
of the market.

Storage, management, and cloud computing exhibited the
highest CAGR over the forecast period.

By product & service, the data analysis, storage & management market in
life sciences is segmented into data analysis software and workbenches,
data analysis services, and storage, management, and cloud computing
solutions. Over the forecast period, the storage, management, and cloud
computing segment accounted for the highest CAGR. The increasing pool of
data being generated in life sciences industry is fueling the demand for
storage and computing solutions.

Next generation sequencing held the significant share in the
life sciences data analysis, storage & management market in 2018

On the basis of application, the data analysis, storage & management
market is segmented into next generation sequencing, microscopy,
chromatography, flow cytometry, spectroscopy, and other applications
such as PCR among others. In 2018, next generation sequencing - NGS
segment accounted for the largest share of the data analysis, storage &
management market. The large share of this segment can be attributed to
the huge amount of data generated through enormous number of ongoing
activities. HPC applications market is also dominated by next generation
sequencing segment in 2018.

US will continue to dominate largest share in the market
over the forecast period

US accounted for the largest share of the data analysis, storage &
management market in life sciences. The large share of the US in this
market can be attributed to the increasing R&D activities by biopharma
companies and increasing presence of these companies in the US.